“Girls Gone Wild” Founder Joe Francis Will Pay $250,000 in IRS Tax Penalties For Fraudulent Tax Returns
Lately, the rich and the famous who have been creatively evading taxes have been transformed by the IRS into the financially desolate and infamous.
The recent guilty plea by Joe Francis, founder of the soft-porn empire “Girls Gone Wild” demonstrates how omitting nearly $563,000 in interest tax can turn into 301 days in jail.
“Girls Gone Wild” founder Joe Francis pleaded guilty Wednesday to filing false tax returns and will avoid further jail time in a tax case that spanned two states and several years.
Francis entered the pleas to two misdemeanor counts of filing false tax returns and one count of bribing Nevada jail workers in exchange for food.
An agreement with prosecutors calls for Francis, who has built a soft-porn empire filming and marketing videos of young women, to pay $250,000 in restitution and receive credit for jail time served.
Francis was indicted by a federal grand jury on tax evasion charges in 2007 and has spent 301 days in jail. U.S. District Judge S. James Otero accepted the plea and delayed sentencing until Nov. 6.
In the agreement, Francis acknowledged omitting nearly $563,000 in interest income on his 2003 tax return. Prosecutors initially alleged Francis took more than $20 million in fraudulent deductions in 2002 and 2003 on such items as a Porsche and a Mexican home where he entertained celebrities.
Cheating the IRS on tax payments will end up costing you more in the long run. Don’t end up like Joe–make sure that you file your taxes correctly in order to avoid an IRS audit and severe tax penalties. If you are unsure of how to resolve your tax problems, get tax help now before it’s too late!
If you are facing back taxes and potential severe IRS penalties, you are not alone. You have a choice to fight it with a well-qualified tax attorney, CPA, or certified tax resolution specialist. Call Tax Resolution Services at 1-866-IRS-PROBLEMS (1-866-477-7762) today or visit our website at www.taxresolution.com
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